The average number of viewings per property for sale has fallen to 1.7, a 57% reduction from nearly four viewings two years ago, according to Propertymark's August housing report. This decline is attributed by the trade body to ongoing affordability pressures and a cautious approach from buyers, with seasonal summer factors also possibly playing a role.
The report also found that 86% of estate agents reported properties selling for less than the asking price. This highlights a growing difference between what buyers are prepared to pay and what sellers are willing to accept.
Nathan Emerson, Chief Executive of Propertymark, stated that the housing market is functioning but with uneven momentum, identifying the gap between buyer and seller expectations as a key issue. Phil Spencer, Founder of Move iQ, advised sellers that realistic pricing and good presentation are crucial, as buyers are scrutinising value more closely.